Simplify your construction estimating process with these useful techniques

Estimating is a vital part of effective construction management. There are several useful construction estimating methods which can streamline the construction process of any project. Here are some handy techniques for estimating effort hours, duration and costs on any construction project which can generate a more perfect final estimate.

Work Breakdown Structure: The work breakdown structure is a project management technique useful to simplify the project execution by dividing outsized & complicated projects into smaller components. The project managers use this method to describe the scope, estimate costs and systematize Gantt schedules.

It becomes difficult for estimators to create estimation for large projects. But WBS can easily estimate the individual components and include them all at once for the overall project management.

With WBS any project can be completed successfully as it creates the solid platform for all project management works along with planning, cost and effort estimation, resource allotment, and scheduling.

PERT (Program Evaluation and Review Technique): PERT is an integrated project scheduling as well as estimating technique useful for planning and coordinating large-scale projects. Pert applies a weighted average of three numbers to generate a final estimate. With PERT system, the project managers can to estimate the task associated with carrying out a given project. Pert consists of three estimates - the most pessimistic (P) case once everything becomes incorrect, the most optimistic (O) case as everything becomes correct, and the most likely (M) case provides normal hitches and opportunities. The consequential PERT estimate will be (O + 4M + P)/6. As for instance, if presumably estimate is 8 hours, the optimistic estimate is 4 hours and the pessimistic estimate is 24 hours. The PERT estimate is (4 + 4(8) + 24)/6. The answer is 60/6, or 10 hours.

Parametric Modeling: Under this system, a pattern should prevail in the work that lets you to apply an algorithm to make the gross estimate.

Timeboxing. It is a system to arrange one of the estimates selected in a predetermined schedule, budget or scope. Generally while using this method, you are imposing that the project will be finished within specific time limit. After that, you should concentrate on the cost and scope facets of the triple constraint in order that the timebox date can be maintained.

Function Points (IT development projects): Various industries posses specialized estimating models that can be tailored for their projects. Some IT development organizations apply function points to be a useful method for generating the substantial estimates of the work essential to execute a systems development project. Function points come with a mechanism to establish the corresponding complication of an application. The complication can be stated as a count of function points.

Ref.: http://constructionheadline.com/